Glimmer Of Hope In Real Estate Market

[Westernskies]

Saw this a couple of days ago- people camping out for a chance to buy new homes in NE Mesa, AZ- with a strict caveat- Must be owner occupied, no investors. Developer has first right of refusal on any resales within 12 months. Good prices on a great location, with a first-class developer. The last time AZ saw anyone camping out for a chance to buy a home was 2004-2005

Story here:

Mesa development's homes get snapped up



Mesa development's homes get snapped up

by Beth Duckett - May. 17, 2008 01:31 PM
The Arizona Republic
Despite the housing slump, home sales at a north Mesa planned community were at full throttle Saturday.
Buyers lined up by the dozens, eagerly awaiting the chance to buy a homesite in Mountain Bridge, a Blandford Homes development south of McKellips Road near Loop 202.
Sales kicked off at 9 a.m., when buyers had first pick of 100 lots and 19 models. Many had camped out since Monday, roughing it for a shot at scoring their dream home.
"I flew in just for this," said Indiana native Lori Schneider, who slept in a Dodge Caliber Friday to earn her spot in line.
Buyers flew from Alaska, Canada and other states to nab a piece of desert property. The community is down the street from retail shops and the Usery Mountain Recreation Area.
The hefty turnout - which baffled even Blandford Homes - had many people asking: why Mountain Bridge?
"It's as simple as location, quality product, quality price," said Lori Anderson, a Blandford spokeswoman.
That was the consensus Saturday, when buyers admitted to being drawn by the desert views and good values. Home prices are between $240,000 and $800,000.
"I actually would have paid more for this location," said Bridget Stone, of Phoenix. "I think after today the pricing will go up."
Stone said the luxury community - an anomaly in a buyer's market - would have a community center and parks.
In a surprise announcement, Blandford said it would offer $1,000 in free upgrades for every night a buyer slept on site.
That meant an extra $4,000 for Dominic Petrocelli, who snagged the homesite he wanted after camping there since Tuesday.
"It was definitely worth it because we had a much better chance at getting what we wanted," said Petrocelli, 34, who lives in another Blandford community in Mesa.
Anderson said 108 people had entered the sales room before noon Saturday, a good indication that all 100 homesites could be gone by day's end.
"It looks like it's going to be a success," she said.


Also noticed that JP Morgan US Real Estate Fund is way up for the year... I am always optimistic.

[Notmuchlonger]

Article yesterday how Southern California home sales was up quite a bit due to slashed home prices.

[youbet]

If home sales recover because prices are lower, that's great. But if the recovery is due to the resumption of "creative financing" schemes, then it's a recovery we don't need. If typical homes meant for middle class Americans are priced where there are few buyers that can afford them using conventional 30 yr mortgages, they're priced too high and hopefully won't sell......